Countries need USD 4.5 trillion over 7-10 years to finance development goals: Kotak

Uday Kotak, Managing Director and CEO of Kotak Mahindra Bank attends the first day of the three-day B20 Summit in New Delhi on August 25, 2023. Photo by Sajjad HUSSAIN / AFP

Countries globally would need about USD 4.5 trillion over the next 7-10 years to finance their development goals, B20 India Task Force on Financing for Global Economic Recovery, Chair, Uday Kotak said on Friday.

The task force in its recommendation also suggested ways for businesses to finance it. It suggested setting up of a 'global acceleration fund' where every business globally contributes 0.2 per cent of profit to social development goals.

"The money required in the next 7-10 years is about USD 4.5 trillion (to meet the priorities of development goals)," Kotak said at the B20 Summit India 2023.

What we are proposing is every business contributes 0.2 per cent of profit to social development goals which are priority for the world," Kotak said.

He said in India every company contributes 2 per cent of their profit towards Corporate Social Responsibility (CSR).

"Out of the 2 per cent for CSR, 0.2 per cent could be our contribution to that global fund which every country should find a way to contribute to from businesses," he added.

The priority areas for utilising the 'global acceleration fund' could be climate change, energy, biodiversity and ocean pollution.

In Photos: B20 summit India 2023 in New Delhi

"This could be a game changer. I would recommend G20 nations to find out ways by which businesses can contribute, voluntarily or through regulation, 0.2 per cent of profit to these important transformation goals, Kotak added.

Meanwhile, Sunil Bharti Mittal, Chair of B20 India Action Council on African Economic Integration said adopting Africa as place to do agriculture can change the world and alter food ecosystems.

Mittal said Africa economic integration is gaining momentum, and expressed hope that the Africa Union will soon become a permanent member of G20.

Mittal asserted that African voice in G20 is "absolutely important".

"Sixty per cent of world's arable and yet uncultivated land is in Africa...today we have all seen the crisis that the world is going through on food production...Just adopt Africa as place to do agriculture, perhaps some value added agriculture...the entire world can change," he said speaking at the B20 Summit India 2023. (Agencies)